US Dollar Index bulls struggle near 111.50 despite hawkish Fed bets, focus on US ISM PMI – by anilpanchal7 DollarIndex RiskAppetite Fed PMI NFP
Cautious mood ahead of the key data/events probe yields even as Fed wagers keep bond bears hopeful.Second-tier US statistics could entertain buyers but FOMC, NFP are the key. fades the upside momentum near 111.50 during early Tuesday, following a three-day run-up. In doing so, the greenback’s gauge versus the six major currencies traces sluggish US Treasury yields amid the market’s indecision ahead of the key central bank announcements, as well as the US employment data.
On Monday, the US Chicago Purchasing Managers’ Index and Dallas Fed Manufacturing Business Index for October came in at 45.2 and -19.4 versus 47.0 and -15.0 expected respectively. “US President Joe Biden on Monday called on oil and gas companies to use their record profits to lower costs for Americans and increase production, or pay a higher tax rate, as he battles high pump prices with elections coming in a week,” said Reuters. On the other hand, Russia’s Putin said he can set up a gas hub in Turkey ‘quite quickly’ and was sure gas contracts will be signed. The Russian leader also added that there will be many in Europe who want to do so.
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